Ever since the establishment of the Department for Promotion of Industry and Internal Trade (DPIIT) as part of the Startup India Scheme, India has been emerging as a focal point for startups. Whether it’s well-known names like Zomato, Nykaa, Acko, these startups are flourishing in their respective sectors with the backing of governmental support. For enterprises driven by the goal of introducing innovation, considering enrollment through the Startup India Registration Services is a prudent choice. In this article, we will delve into comprehending the essence of a startup and gaining insights into the step-by-step process of obtaining Startup India Registration.
WHAT IS A STARTUP?
Startup enterprises are business ventures designed for rapid expansion, primarily in their early phases of operation. The popularity of startups has grown notably after the television show Shark Tank India, leading to increased public familiarity with the concept. Nevertheless, not all newly established businesses are classified as startups, as a formal registration procedure is in place under the DPIIT’s Startup India Scheme. This scheme offers numerous advantages to eligible startups. Therefore, businesses that are committed to innovative endeavors and have successfully completed the DPIIT registration process are recognized as legitimate startups.
Given that registration is a prerequisite for attaining startup status and accessing associated benefits, let’s delve into a comprehensive exploration of the detailed procedure for registering under the Startup India initiative!
STARTUP INDIA REGISTRATION PROCESS
The process of registering a startup typically entails the following stages:
Step 1: Establish Your Business Entity
The initial stage of the DPIIT registration process involves setting up a business that holds a valid legal status. Only a registered partnership firm, LLP, or PLC are eligible to seek DPIIT recognition. It’s essential to confirm whether your business meets the necessary criteria for startup registration before proceeding.
Step 2: Register an Account on the Startup India Portal
After successfully forming your company, the next step is to create your login credentials on the Startup India Portal. This serves as the primary step towards obtaining a Startup India Certificate. You can navigate to the Startup Portal to initiate the registration process for your company. Subsequently, you’ll be able to submit your application for DPIIT recognition.
Step 3: Fill out the form
Once you access the portal and sign in, you’ll immediately find a button to initiate the application process for the recognition certificate.
As evident, you only need to choose the appropriate business structure and then complete the form by providing your company information.
Step 4: Affirmation of Specific Conditions through Self Certification
During the startup registration application process, you will be required to confirm specific conditions through self certification, including:
- Verification that your business has not emerged from a division or reorganization of an existing entity.
- Indication of whether your entity is self-funded or has received external funding.
- Confirmation that the majority of shareholding is under the ownership of Indian promoters.
- Validation that the entity does not function as a collaborative partnership.
- Attestation that the entity is an authentic and unique establishment.
In addition to this self-certification procedure, the registration process for Startup India also entails the submission of essential documentation to substantiate your application.
Step 5: Submission of Required Documents
As part of the form submission process, it is necessary to provide specific essential paperwork. The necessary documents encompass the following:
- Certificate of Incorporation
- Letter of Authorization
- Aadhar Card belonging to the authorized individual
- Copy of the entity’s PAN (Permanent Account Number)
- Presentation of the Pitch Deck
- Certification of Intellectual Property registration, if applicable
- Official Company Website
- Any endorsements or commendations from previous investors, should they be relevant.
All the documents requisite for the startup India registration procedure must be presented in a PDF format.
Step 6: Obtain the Startup India Certificate!
Upon the submission of the comprehensive form along with all the required documents, the registration process reaches its conclusion. However, the DPIIT (Department for Promotion of Industry and Internal Trade) will meticulously review your application. Should any inconsistencies be identified, there is a possibility that an objection to your startup’s registration might be raised. If you encounter any disparities during the Startup India process, you have the option to seek guidance from experts at Companysuggestion.com.
If the department finds no inconsistencies in your application, they will then move forward to issue the Recognition number through the DPIIT registration certificate. Typically, this certificate is bestowed within a span of 4 to 5 working days. Subsequently, the DPIIT will directly dispatch the startup India recognition certificate to the designated email address of the authorized individual within your entity. Once you receive the DPIIT certificate, you are then eligible to initiate claims for auxiliary benefits, including exemptions such as angel tax and section 80 IAC tax, which are available under the auspices of the startup India scheme.
INITIAL COST OF STARTUP INDIA FEES
Upon its inception, the Startup India initiative by the Indian government does not impose any registration fees on aspiring enterprises. Nevertheless, in the event that you choose to avail yourself of the recognition services for Startup India through Companysuggestion.com, the pricing for facilitating the startup India registration procedure commences at INR 11800, contingent upon your specific prerequisites.
If you have any doubt regarding this, then you can send your doubts on companysuggestion and our team of experts will guide you.